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QuickBooks Chapter 06 Questions and Answers Already Passed

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QuickBooks Chapter 06 Questions and Answers Already Passed 1. Before completing the work within Chapter 6, check your data with the following report: a. December 1 Trial Balance. b. December 31 Trial Balance. c. November 30 P&L. d. November 1 Balance Sheet. e. None. ✔✔December 1 Trial Balance. 2. The action of sending money in payment of a bill is called a/an: a. Activity. b. Transaction. c. Remittance. d. General journal entry. e. None. ✔✔Remittance. 3. After analyzing each source document, record the appropriate __________________: a. Transfer. b. Transaction. c. Trial balance. d. Customized report. e. None. ✔✔Transaction. 4. Receiving payment from a customer is recorded in the following way: a. Customers page > select customer > Receive Payment. b. Create menu (+) > Receive Payment. c. Receive payment from the Customers page or the Create menu. d. Gear icon > Account and Settings > Advanced. e. None. ✔✔Receive payment from the Customers page or the Create menu. 5. Who sends verification of credit card receipts? a. Customers. b. Vendors. c. Clients. d. Bank. e. None. ✔✔Bank. 6. In QBO, how are Credit Card Sales identified? a. QBO defaults to Credit Card Sales. b. As a vendor. c. As a customer. d. None. e. All. ✔✔As a customer. 7. For Credit Card Sales, what selections are made? a. Create menu (+) > Sales Receipts. b. Create menu (+) > Credit Card Credit. c. Gear > Account and Settings > Advanced. d. Gear > Manage Users. e. None. ✔✔Create menu (+) > Sales Receipts. When issuing checks or ATMs for expenses, refer to the: A) Vendor pages. B) Accounts Receivable register C) Transaction register. D) Products and services list. E) All of the above. ✔✔Transaction register. To show the amount charged for earlier disbursements, select to this window prompt: A) Vendor list. B) Customer sort. C) Saved window. D) Auto Recall Dialog. E) All of the above. ✔✔Auto Recall Dialog. Vendor purchases are tracked by the following: A) Purchase order. B) Net 30 terms. C) Customer payments. D) Bill number. E) None of the above. ✔✔Bill number. When customers pay what they owe, the check is payable to: A) Accounts receivable. B) Craig's Design and Landscaping Services. C) QB Cloud_Student Name. D) Account 101 Checking. E) All of the above. ✔✔QB Cloud_Student Name. The terms of vendor payments are: A) Net 30. B) End of month. C) Net 60. D) Vendor payments do not have terms. E) All the above. ✔✔Net 30. The Sales Receipts window is used for the following: A) Vendor payments. B) Purchases made on account. C) Sales invoices on account. D) Cash and credit card sales. E) None of the above. ✔✔Cash and credit card sales. The trial balance account totals for the fourth quarter are the same as: A) Transaction detail by account. B) Balance sheet. C) Profit and loss. D) Statement of cash flows. E) None of the above. ✔✔Transaction detail by account. The customer balance summary total agrees with this account balance: A) Account 101 Checking. B) Account 115 Merchandise Inventory. C) Account 105 Accounts Receivable. D) Account 201Accounts Payable E) None of the above. ✔✔Account 105 Accounts Receivable. The vendor balance summary total agrees with this account balance: A) Account 105 Accounts Receivable. B) Account 115 Merchandise Inventory. C) Account 501 Cost of Goods Sold. D) Account 201 Accounts Payable. E) All of the above. ✔✔Account 201 Accounts Payable. The Inventory valuation Summary shows: A) The asset value. B) The average cost C) The same balance as Account 115 Merchandise Inventory. D) The quantity of each item in inventory. E) All of the above. ✔✔All of the above.

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